The trade will reportedly be a three-team deal that will include Austin Rivers heading to the Thunder. Wojnarowski noted Ferguson will go to the Knicks in the deal.
Hill, who's been sidelined since Jan. 24 with a thumb injury, became a trade candidate after OKC handed its offense to rookie Theo Maledon for the stretch run of the regular season.
The 34-year-old Indianapolis native has proved himself as a reliable role player across a 13-year NBA career that has now included stops with eight teams.
Hill was a first-round pick of the San Antonio Spurs in 2008 and also made stops with the Indiana Pacers, Utah Jazz, Sacramento Kings, Cleveland Cavaliers and Milwaukee Bucks before arriving to the Thunder.
He averaged 11.8 points, 3.1 assists and 2.1 rebounds across 14 games for Oklahoma City this season after being acquired in a November trade. He was an efficient offensive contributor, shooting 50.8 percent from the field, including 38.8 percent from beyond the arc.
The IUPUI product has also logged 127 playoff appearances, averaging 12.1 points in those contests.
His arrival isn't going to attract a lot of attention, but he's a battle-tested journeyman who can play either guard spot with strong defense and the ability to make an impact offensively without a ton of shot attempts.
Hill should slot in as the primary reserve behind Ben Simmons at the point following his trade to the Sixers. Rookie Tyrese Maxey could see a reduced role for the rest of the season as a result.
His contract is only partially guaranteed for the 2021-22 season, so Philly can move on during the offseason if he's no longer a fit in the backcourt rotation.